Abstract
Motor liability insurance has been included in the compulsory insurance category that each vehicle owner of every type of motor vehicle must participate in in Vietnam. However, in fact, the participation in this type of insurance is not popular and not strictly managed. This paper presents an approach to modeling and analyzing the possible determinants that may affect the intention to buy motor liability insurance for motor vehicle owners in the North of Vietnam. The target audience of this study is motorcycle owners. Based on the theories of buying intention, buying behavior and the specific characteristics of this insurance, this study has proposed a model with 4 factors influencing intention to participate in the insurance: Attitudes towards risk and insurance, subjective standards, Insurance Perceptions, and Product Accessibility. Taken together, these factors model a consumer's tendency toward insurance intentions for motorbike owners. The results show that all of the above factors have influence on the intention of motorcycle owners to participate in insurance. Keywords: Motor liability insurance, Buying intention, Purchase decision DOI: 10.7176/EJBM/13-8-11 Publication date: April 30 th 2021
Highlights
The high rise in demand for human transportation leads to substantial demands on the number of motor vehicles in the country, which poses many risks for the vehicle owners and other parties
The research team considered that the factors that influence the intention to buy motor liability insurance in the North of Vietnam include: Attitude towards risk and motor liability insurance, Subjective norms, Motor liability insurance perception, and Product accessibility
In the article we provide information and definitions about this type of insurance as well as the theory related to consumer purchase intention and consumer purchase behavior theory such as Theory of Reasoned Action (TRA), TPB
Summary
The high rise in demand for human transportation leads to substantial demands on the number of motor vehicles in the country, which poses many risks for the vehicle owners and other parties. It is necessary to establish a common fund to compensate and ensure the damage to third party health and property caused by an accident for which drivers and/or owners of the car. Motor Liability Insurance is a financial protection system built to prevent any grievance that third parties could face, due to the lack of solvency of the first party who caused bodily injury or property damage following any event related to a car accident. With such practical and humane meanings, up to now, compulsory Motor Liability Insurance of motor vehicle owners has achieved many positive results
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